Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.67B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-9.42%.
Starting with 4.67B and growing at -9.42%
for 5 years, we estimate Free Cash Flow will be
2.85B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.04B.
We will project this out 5 year(s) with a growth rate
of 0.64%.
Estimated Diluted Shares Outstanding: 2.11B.
Step 3: Project Future Stock Price
Using a price ratio of 17.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.85B ÷ 2.11B) × 17.63 =
$23
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.03.
Projected over 5 years with a growth rate of
-9.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.9346209908938485.
Step 5: Discount the Projected Stock Price
Projected stock price: $23.
Including dividends, total future value: $30.93.
Discounted at 10% per
year over 5 years → Fair Value:
$19.
